The Taft-Hartley Act (Labor-Management Relations Act, 1947) attempted to reduce the power of organized labor in the United States through changes in the Wagner Act (National Labor Relations Act, 1935).

The accounts in a firm’s ledger are physically represented by t-accounts, so named because of their “T” formation. The “T” creates two sides for each account, a debit (left) side and a credit (right) side.